Have you sold something, such as Land and Buildings, Stocks and Shares or an Antique and are wondering if there was any tax to pay?
Are you thinking of selling something or giving it away and wish to know if there is any tax to pay?
Capital Gains Tax or CGT as it is more commonly known is a tax on capital gains with a gain effectively being an increase in value. Companies also pay tax on capital gains in accordance with the rules governing individuals (with a few differences), however, they pay tax at corporation tax rates.
Capital Gains Tax is payable when you dispose or give up ownership of an asset. It is a complex area of legislation with a great many elections and reliefs available if you know where to look, which can minimise or extinguish a taxable gain.
With the apparent explosion in Owner Managed Business's and buy to let properties it is important that capital gains tax aspects of any transaction are carefully studied and planned. To this end Bowker Orford can provide a comprehensive review of any proposed transactions and provide a tailored report of the implications of any disposal with additional recommendations of ways to minimise capital gains tax if possible.
| 
